This form is a Warranty Deed where a wife transfers property to herself and her husband.
Tucson Arizona Warranty Deed to Separate Property of one Spouse to both as Joint Tenants or as Community Property with Right of Survivorship
Category:
State:
Arizona
City:
Tucson
Control #:
AZ-SDEED-5
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Arizona Warranty Deed To Separate Property Of One Spouse To Both As Joint Tenants Or As Community Property With Right Of Survivorship?
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FAQ
In Arizona, there are different ways to title property, including: A Joint Tenancy with Right of Survivorship involves two or more owners who each have an equal and undivided interest. If one owner dies, the surviving partners take the deceased owner's share in the property.
Upon the death of one spouse, every asset that is community property is divided in half. One half of the property is retained by the surviving spouse and the other half is passed down to the heirs of the deceased spouse, either by will or trust or by intestacy.
Community Property with Right of Survivorship is co-ownership by married persons providing for the surviving spouse to retain full title after the death of the other spouse. Allows for a stepped-up tax basis for Capital Gains Taxes to a surviving spouse.
Joint Tenancy Has Some Disadvantages They include: Control Issues. Since every owner has a co-equal share of the asset, any decision must be mutual. You might not be able to sell or mortgage a home if your co-owner does not agree. Creditor Issues.
In a Joint Tenancy with Right of Survivorship, if one of the owners dies, his or her share will pass equally to each of the other Joint Tenants, regardless of who would otherwise inherit the deceased owner's estate.
In Arizona, property law is governed by ARS Title 33. Joint tenancy with right of survivorship is covered in ARS 33-431. When real property is owned by multiple people, property law refers to it as a concurrent estate. The co-owners, or co-tenants, are commonly categorized as either joint tenants or tenants in common.
What is a joint tenancy? This is where 2 or more joint owners hold the whole of the property together and in equal shares. On the death of any one or more of the owners, those shares pass automatically to surviving joint tenants by something called the right of survivorship.
A survivorship deed, or a joint tenancy with right of survivorship, is much more difficult to contest than a will bequeathing property to beneficiaries. However, one circumstance in which a survivorship might be successfully contested is when the document granting right of survivorship has not been properly drafted.